Cost of living is fairly high because the school is located in the city. Boston has a very high cost of living and what you get for what you pay is very poor compared to some other cities. This is likely caused by the large student population in the city. But we have a good nightlife in boston, and great sports teams. Most students live in the Brighton/Allston area.
Scholarships are usually sent with your acceptance letter. If not, they often send some more money out in March.
Financial aid is done by filling out the Fasfa and any requisite BU documents.
Class is made up of a mix of kids who went straight through and a small population of people who took time off. Some are more into partying than school, while others are more into studying. Just different types of people. I found that a lot of people in my class just kept to themselves or hung out with people they knew outside of school. We aren't the most social of schools, but we have bar reviews. They were pretty lame, so I rarely went, but I know people who went to all the events. I guess it depends who you are and what you like.
Faculty is great. You get a lot of knowledge from your prof. I used supplements a lot for the profs that were more into hiding the ball than actually teaching.
Employment prospects are typical of a school in the 20-30 range (I find all these schools are pretty much the same regarding employment). If you are in the top 10%, you'll get biglaw anywhere. Top third for biglaw in Boston/NYC. Top half for midlaw. Bottom half have problems and have to work on their own to get employment.
I was in the top half but didn't get a shot at BigLaw. I ended up going to a smaller firm, but am happy with it. I have friends that made biglaw in the bottom half, so its kind of a crap shoot if you aren't in the top third, but its definitely possible.
Also, if you want gov work or public interest, BU has some great programs and connections.